Red Oak Taverns, the national pub company, have completed the purchase of a portfolio of 18 leased and tenanted pubs from Wadworth for an undisclosed sum.
Red Oak Taverns worked quickly and diligently to secure exclusivity over the portfolio and, together with the Wadworth team, moved to exchange of contracts in short order ahead of the summer recess.
The pubs are all located in the south and south west and strengthen the strong regional bias of Red Oak’s existing estate. Red Oak’s enlarged estate comprises 179 pubs.
Mark Grunnell, Co-founder of Red Oak Taverns, said, “We are delighted to have secured this quality portfolio of pubs from Wadworth. We believe that the pubs and the licencees will benefit from Red Oak’s flexible approach to operating leased and tenanted pubs and from the £1m of investment we have planned for the acquired portfolio.
'Our focus has already turned to building the strong relationships with our new tenant partners that are required to preserve the sustainability of these great British assets and the invaluable contribution they make to our communities.”
Grunnell added, “Approaching the 8th anniversary of our formation, we are still in our infancy and planning for the long term. We have built a strong platform, have a clear strategy and look forward to growing our business substantially over the coming years.”
Chris Welham, Chief Executive of Wadworth, commented, “We are delighted to confirm a sale has been agreed to Red Oak Taverns. The sale has involved all parties working closely together to cause minimal disturbance to the tenants and their business.”
Simon Chaplin, Senior Director at Christie & Co, added, “This is further proof of the continuing strength in the pubs market as the sale attracted interest from numerous parties looking to acquire these assets in a popular and attractive part of the country. We were pleased to have secured a buyer in Red Oak who have a proven track record of investing in their estate and tenants.”